CYTS(SH:600138) Huachuang Securities·2025-11-21 11:12Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 10.8 yuan per share, indicating an expected upside of 11.6% [2][7]. Core Views - The company reported a revenue of 3.16 billion yuan in Q3 2025, a year-on-year increase of 17.2%, but a net profit attributable to shareholders of 54 million yuan, a decrease of 32.9% year-on-year. For the first three quarters of 2025, total revenue reached 8.03 billion yuan, up 13.9% year-on-year, while net profit attributable to shareholders was 121 million yuan, down 21.1% year-on-year [2][7]. - Extreme weather conditions have negatively impacted visitor numbers and revenue, particularly in key tourist areas like Wuzhen and Gubei Water Town, leading to significant declines in both visitor numbers and profits [2][7]. - The company is making steady progress in integrated marketing and travel agency operations, maintaining profitability while servicing high-profile events and corporate marketing activities [2][7]. Financial Summary - Revenue Forecasts: The company is projected to achieve total revenues of 11.61 billion yuan in 2025, 12.18 billion yuan in 2026, and 12.64 billion yuan in 2027, with year-on-year growth rates of 16.6%, 4.9%, and 3.8% respectively [2][8]. - Net Profit Forecasts: Expected net profits attributable to shareholders are forecasted at 140 million yuan in 2025, 186 million yuan in 2026, and 210 million yuan in 2027, with year-on-year growth rates of -13.0%, 33.4%, and 12.7% respectively [2][8]. - Earnings Per Share (EPS): The EPS is projected to be 0.19 yuan in 2025, 0.26 yuan in 2026, and 0.29 yuan in 2027 [2][8]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to be 49 in 2025, 37 in 2026, and 33 in 2027, while the price-to-book (P/B) ratio remains stable at 1.1 [2][8].